Newsletters & other publications Financial Regulation Newsletter: Archive

Financial Regulation Letter no. 23 - April 2017

Published on May 5, 2017

In this 23rd issue of the AMF Financial Regulation Letter : an editorial on the prospects for UE after the vote for Brexit, an issue on the revision of EMIR, un article on the European and French regimes of the Say on Pay, the last studies published by AMF on ETF, on market shocks propagation et on the behaviour of high-frequency traders on Euronext Paris.


Europe at a crossroad

The  vote for Brexit is not good news for Europe, but the EU must continue on its path.

Read the Editorial signed by Guillaume Eliet, AMF Deputy Secretary General, in charge of the Regulatory Policy and International Affairs


French and European "say on pay" regimes

The remuneration of failing listed company executives has been a hotly debated issue in Europe for several years.
In March 2017, the EU adopted a revised Shareholder Rights Directive introducing a say on pay for shareholders at EU level. In France, the "Sapin 2" law gives shareholders the right to vote on the remuneration of listed company executives. Although these two texts share comparable objectives, they have differences as well as similarities.

> Read French and European say on pay regimes


Future performance simulations : the AMF publishes a draft recommendation

The Autorité des Marchés Financiers (AMF) publishes a summary of the feedback submitted in response to the public consultation launched in November 2016 on the future performance simulations offered to retail investors. It is also publishing a draft recommendation and best practices for this area.

> Read the news on Future performance simulations

Setting up redemption gates mechanisms: the AMF publishes a new instruction and adjusts its existing policy

In addition to the amendments to its General Regulation, the Autorité des Marchés Financiers (AMF) is issuing a new instruction (DOC-2017-05) and adapts its policy to incorporate the terms and conditions for setting up redemption gates mechanisms in open ended funds..Homme téléphone en plongée

> Read the news on Redemption gates mechanisms

AMF priorities in the EMIR review

While in November 2016 the European Commission undertook a review of EMIR on derivative products traded over-the-counter, the AMF is publishing two position papers on its priorities under the EMIR review and on the conditions under which post-market infrastructures based outside the European Union can benefit from the equivalence regime.

Read the news on AMF priorities in the EMIR review


Market shock propagation

In this document, the Autorité des Marchés Financiers (AMF) presents an analysis of the propagation of seven recent market shocks to different instruments (mainly French and European equities and equity index futures), in terms of magnitude and over time. The analysis used data from trades in equities, equity indices and equity index futures contracts.
> Read the study of market shock propagation

ETFs: characteristics, overview and risk analysis - The case of the French market

With investors seeking returns from low-cost products, the exchange-traded fund (ETF) market has grown rapidly over the last four years. The size of the market and the summer 2015 correction in the US have raised the issue of possible associated risks. The AMF has conducted a study presenting the French ETF market and the consequences of the growth of its assets under management on market liquidity and stability.

> Read the study of ETFs 

The behaviour of high-frequency traders on Euronext Paris

This study presents a descriptive summary of the trading behaviour of High Frequency Traders and liquidity providers on the most liquid stocks on Euronext Paris during a 9 months’ time period from November 2015 to August 2016. The objective of the work carried out by the AMF is to analyse the liquidity provision, liquidity consumption and presence in the order book of High Frequency Traders and to study their behaviour during highly stressed periods such macro-economic announcements.

> Read the Study of the behaviour of high frequency traders 



This is the number of financial investment advisors (FIAs) regulated by the AMF at the end of 2016. The AMF also supervises the five professional associations which represent these FIAs as well as 46 crowdfunding investment advisors.

LIVE FROM THE AMF La composition administrative de l'AMF : un premier bilan très positif La composition administrative (ou transaction) s'est imposée comme une alternative efficace à la procédure de sanction. Anne Maréchal, directeur juridique de l'AMF, et Bertrand Legris, adjoint au directeur juridique de l'AMF, dresse un bilan de ce dispositif dans le Bulletin Joly Bourse de décembre 2016.

> Read the article on AMF Settlement procedure (article available in French only)


The 17th Compliance Officer Day held last 21 March 2017

> Watch the videos of the 17th Compliance Officer Day (videos available in French only)


Public consultation on the operations of the European Supervisory Authorities (end: 16/05/2017)

> Read the text of the consultation on the operations of the ESAs

Public consultation on FinTech: a more competitive and innovative European financial sector (end: 15/06/2017)

> Read the text of the consultation on FinTech


14 - 18 May : IOSCO Annual Conference
23 & 24 May: ESMA Board of Supervisors
5 & 6 July: ESMA Board of Supervisors 





Page top

Legal information
Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02